US CB Consumer Confidence Index: October Reading Rises to 91.7

  • October brings a modest rise in the US CB Consumer Confidence Index.
  • Above 102.00, the US Dollar Index is trading at its highest level in two weeks.

US consumer sentiment strengthens somewhat in October, with the Conference Board’s Consumer Confidence Index rising to 91.7 from September’s reading of 84.2, which was revised from 81.9.

Fergus McCormick, Senior Economist, Global Indicators, The Conference Board, said: “Consumer confidence advanced in October, driven primarily by improved perceptions of current and expected business conditions… The recovery was in line with retail gasoline prices easing from September to October. Yet, despite the increase in October, consumer confidence remained on the long-term downward trend that’s persisted over the past few years. ”

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

How is the market responding?

Despite persistent caution ahead of Wednesday’s FOMC event, the US Dollar (USD) is posting healthy gains on Tuesday. Renewed upward momentum is taking it further above the 102.00 barrier.